FX.co ★ US unemployment hits new low of 3.5%

Data on the unemployment rate is of key importance for the US economy. The latest US jobs report confirmed that the country’s economy is developing steadily. According to the US Labour Department, in December 2019 the unemployment rate held steady at 3.5%, the lowest level since December 1969. For the reported period, the payrolls increased by 145,000, falling short of the revised 164,000 estimates, provided by analysts. In November 2019, nonfarm payrolls surged by 256,000 compared to 266,000 previously expected. According to analysts, the data for October and November was downwardly revised to show 14,000 fewer jobs added than previously reported. Over 2019, employment in the US has considerably increased, continuing a decade of payroll gains. This is the longest period of continuous growth in 80 years, the Wall Street Journal reports. In 2019, a total of 2.11 million jobs was created in the US, down from a gain of 2.7 million in 2018. In December, average hourly pay rose slightly by 0.1% to reach $28.32. Analysts predicted the rise by 0.3%. On a yearly basis, average hourly earnings have increased by 2.9%, while analysts had expected a rise of 3.1%. The average workweek was unchanged at 34.3 hours in December. The labour force participation rate remained at 63.2%, the same as in the previous month. In the final month of the year, employment in manufacturing was down by 12,000. On the other hand, the number of jobs in the private sector increased by 139,000, experts summarize.